Sajan, Inc. Announces Second Quarter 2010 Financial Results
12 August 2010 - 1:00PM
Sajan, Inc. (Pink Sheets:SAJA), the leading provider of global
language services and cloud-based translation management software,
today reported financial results for quarter ended June 30, 2010.
Second Quarter Financial Results
Revenues for the quarter ended June 30, 2010 were $4.2 million,
a record level for quarterly revenues for Sajan. This represented
an increase of 55% over revenues for the quarter ended June 30,
2009 of $2.7 million. For the six months ended June 30,
2010, revenues were $7.3 million which represented an increase of
28% over revenues for the same period in 2009 of $5.7
million. The net loss attributable to Sajan for the
second quarter of 2010 was approximately $543,000, or $0.03 per
share, compared to net loss attributable to Sajan of approximately
$362,000, or $0.06 per share for the same quarter last year.
The net loss attributable to Sajan for the six months ended
June 30, 2010 was approximately $2.0 million or $0.15 per share,
compared to a net loss attributable to Sajan of $566,000 or $0.10
per share for the six month period ended June 30,
2009. Financial results included non-cash expenses related to
stock based compensation of approximately $87,000 or $0.01 per
share in the three months ended June 30, 2010 and approximately
$457,000, or $0.03 per share in the six months ended June 30, 2010,
compared to approximately $64,000 or $0.00 per share and $102,000
or $0.02 per share, in the prior year comparable periods. In
addition, the results for the six months ended June 30, 2010
included approximately $540,000, or $0.04 per share of transaction
related costs, including legal, accounting, filing and investment
banking fees, associated with the February merger with MathStar,
Inc.
"I am very pleased to report record revenues for the second
quarter," said Shannon Zimmerman, the Company's Chief Executive
Officer. "During the second quarter we refocused and
reenergized our sales initiatives and it is very encouraging that
the market has responded with such enthusiasm. We will
maintain our emphasis on innovation and delivering high value to
our clients. By offering the market high quality language
translation services and industry leading technology, Sajan is able
to provide customers with flexible, best in class globalization
solutions," concluded Zimmerman.
Conference Call Details
The Company's investors will have the opportunity to listen to
management's discussion of its business operations, financial
results and growth strategies on a conference call at 10:30 a.m.
CT. The Company invites all those interested to join the call by
dialing 888-469-2083 and entering access code 5201276. For
those who cannot listen to the live broadcast, a replay will be
available shortly after the call and until 5:00 p.m. CT on August
18, 2010 by dialing 866-418-8387.
About Sajan
Sajan® is the leading provider of global language services and
cloud-based translation management software. Through our two
operating units, Sajan Global Language Services™ and Sajan
Software™, we deliver people, process and technology to help
enterprises mature their localization programs and global content
lifecycle. At the center of Sajan's offerings is the
industry's foremost translation management system, GCMS™, used by
over 650 clients. Our spectrum of delivery models and nimble,
entrepreneurial culture enable Sajan to be a partner for any size
and shape of localization initiative, across any discipline and
industry. Our website is http://www.sajan.com.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for certain forward-looking statements. The Company's
Annual Report on Form 10-K, its Quarterly Report on
Form 10-Q and other filings with the Securities and Exchange
Commission, the Company's press releases and oral statements made
with the approval of an authorized executive officer, contain
forward-looking statements that reflect the Company's current views
with respect to future events and financial performance. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from historical results or those anticipated. The words "aim,"
"believe," "expect," "anticipate," "intend," "estimate" and other
expressions that indicate future events and trends identify
forward-looking statements. Actual future results and trends may
differ materially from historical results or those anticipated
depending on a variety of factors, including, but not limited to
those set forth in the Company's Current Report on Form 8-K and
Annual Report on Form 10-K for the year ended
December 31, 2009 filed with the Securities and Exchange
Commission on February 24, 2010 and March 31, 2010,
respectively, under the heading "Item 1A. Risk Factors". The
Company does not undertake any obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Sajan,
Inc. |
CONDENSED STATEMENT OF
OPERATIONS (UNAUDITED) |
|
|
|
|
|
|
Three months
ended |
Six months
ended |
|
June 30, |
June 30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Revenues |
$ 4,202,320 |
$ 2,708,931 |
$ 7,342,522 |
$ 5,726,971 |
Cost of revenues |
2,289,126 |
1,503,764 |
4,050,629 |
3,186,157 |
Gross margin |
1,913,194 |
1,205,167 |
3,291,893 |
2,540,814 |
Sales and marketing |
921,544 |
883,287 |
1,732,488 |
1,701,071 |
Research and development |
392,606 |
162,034 |
961,192 |
336,427 |
General and administrative |
927,895 |
341,218 |
2,177,584 |
754,234 |
Depreciation and amortization |
220,696 |
239,646 |
465,739 |
423,833 |
Operating Loss |
(549,547) |
(421,018) |
(2,045,110) |
(674,751) |
Other income (expense), net |
1,799 |
(36,745) |
(58,239) |
(92,953) |
Loss before income taxes and non-controlling
interests |
(547,748) |
(457,763) |
(2,103,349) |
(767,704) |
Income tax benefit |
-- |
100,707 |
62,311 |
168,894 |
Non-controlling interests |
4,623 |
(5,629) |
2,704 |
32,605 |
Net loss attributable to Sajan, Inc. |
$ (543,125) |
$ (362,685) |
$ (2,038,334) |
$ (566,205) |
Loss per common share – Basic and
diluted |
$ (0.03) |
$ (0.06) |
$ (0.15) |
$ (0.10) |
Weighted average shares outstanding – Basic
and diluted |
16,009,331 |
5,686,250 |
13,972,298 |
5,686,250 |
|
Sajan,
Inc. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
June 30, 2010 |
|
|
(Unaudited) |
December 31, 2009 |
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$2,595,071 |
$120,493 |
Restricted cash |
1,000,000 |
-- |
Receivables, net |
2,768,352 |
2,871,005 |
Other current assets |
1,440,695 |
955,401 |
Total current assets |
7,804,118 |
3,946,899 |
Property and equipment, net |
751,603 |
3,349,556 |
Other assets, net |
951,554 |
1,238,394 |
Total assets |
$9,507,275 |
$8,534,849 |
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Payables |
$1,493,242 |
$901,213 |
Notes Payable |
2,000,000 |
1,292,973 |
Other current liabilities |
1,784,097 |
1,841,349 |
Total current liabilities |
5,277,339 |
4,035,535 |
Long-term liabilities |
638,743 |
3,037,378 |
Total liabilities |
5,916,082 |
7,072,913 |
Stockholders' equity |
3,601,537 |
1,243,735 |
Non-controlling interest in subsidiary and
affiliate |
(10,344) |
218,201 |
Total equity |
3,591,193 |
1,461,936 |
Total liabilities and
stockholders' equity |
$9,507,275 |
$8,534,849 |
|
|
|
(Note) MathStar and Sajan
consolidated as of February 24, 2010, River Valley Business Center,
LLC deconsolidated as of February 23, 2010, and Sajan India
Software Private Limited consolidated as of June 1, 2009. |
CONTACT: Sajan, Inc.
Tim Clayton, Chief Financial Officer
715-426-9505
tclayton@sajan.com
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